Stock Show says Denver should not pull out of the RTA application with Aurora just yet

National Western Stock Show officials hope Denver doesn’t decide to withdraw from the application with the City of Aurora for incentives under the Regional Tourism Act, a new program that enables developers to pocket a portion of the state sales taxes their projects generate for a period of 30 years.

“I certainly believe it would be an inappropriate action to pull out of the RTA action at this point,” said National Western Stock Show Chief Executive Officer Paul Andrews. “The mayor has asked us to show him a business plan and we’re working with him to get that finished.”

Denver and Aurora co-applied for $90 million in state tax incentives to build a combined entertainment/hotel complex in Aurora that would include a new site for the National Western Stock Show and a proposed 1,500-room hotel and convention center built by the Tennessee-based Gaylord Entertainment Co.

The Stock Show’s share of the RTA money would amount to about $5 million, the rest would go toward the Gaylord project. The stock show would also have to be let out of its lease with the City and County of Denver, and ask voters to approve a $150 million bond.

Several Denver council members on Wednesday said the city should pull out of the application after hearing a report that showed the city could lose up to $31 million in off-site revenue if the Stock Show leaves its current site near downtown.

“I have been made aware and am taking note of the possible negative impact to the city,” Hancock said. “We will incorporate what we’ve learned from this report in our decision making, and will continue to work with Stock Show leadership to find a Denver solution that benefits the Stock Show, people, neighborhoods, and businesses of Denver.”

Denver City Attorney Doug Friednash said both Denver and Aurora can make revisions to the RTA application before its final submission in March.

“As circumstances change, Aurora has the right to revise (its) current application and move forward without Denver,” Friednash said.

Andrews of the Stock Show said National Western’s business plan that will be delivered to Hancock will include four options: staying put and doing nothing; expanding where it is; moving to another greenfield site in Denver; and moving to the High Point site in Aurora adjacent to Gaylord. National Western will provide financial information and timing for all four scenarios.

“After we have all that data, then people can make an informed decision on what the next move should be,” Andrews said. “People should think rationally. It would be very inappropriate and irresponsible for (the mayor) to suggest that the RTA be retracted at this point.”

On Tuesday, Denver’s City Council will hear another report about the economic impacts of Gaylord’s complex would be on downtown Denver’s businesses.

Councilman Charlie Brown anticipates that it won’t be good news for downtown, which will encourage the council toward getting out of the RTA.

“I think it is going to be devastating,” Brown said. “I might bring some nails and a small coffin.”

Gaylord officials have said that their project doesn’t hinge on whether the Stock Show is next to the hotel, but the RTA money is a deal-breaker.

Joey Bunch has been a reporter for 28 years, including the last 12 at The Denver Post. For various newspapers he has covered the environment, water issues, politics, civil rights, sports and the casino industry.